Announcing Privy’s $18M Series A led by Paradigm
Henri Stern
|Nov 21, 2023
Building good products in crypto is hard. Today, developers must force their users into complex technical flows (getting a wallet, loading it with assets, sending a first transaction) before those users ever get to experience a product’s value. This friction has hindered the adoption of onchain systems over the last decade. Crypto has the power to reshape every user’s relationship with their data and assets – provided the industry can simplify its products and make it easier for more users to participate.
This is why we built Privy — the easiest way to bring all of your users onchain. Our SDK couples wallet connectors and self-custodial embedded wallets, empowering developers to offer beautiful authentication flows that get consumers onboarded fast.
Today, we’re thrilled to announce we have raised $18M in series A funding in a round led by Paradigm, with participation from our existing investors, Sequoia Capital, BlueYard Capital, Archetype and many others.
As part of this, we’re deeply excited to welcome Matt Huang to Privy's board. Matt, Caitlin, Frankie and the whole Paradigm team have played an outsized part in developing a vibrant, innovative crypto ecosystem over the past few years. They bring a powerful combination of strategic insight, research depth, and technical and security expertise that we will leverage as we continue to build towards our mission.
At the Frontier & Beyond
Since launching our product less than a year ago, we’ve had the chance to work with some of crypto’s most innovative companies. In doing so, we’ve built systems at scale, powering new crypto use cases, and bringing new consumers on chain.
Privy’s infrastructure processes millions of transactions every month, with over 10 billion RPC requests in the last two months alone. We’ve onboarded more than one million users to onchain products, across a broad range of industries — from restaurant loyalty and biotech research to creator platforms and gaming, thanks to great teams like Friendtech, Blackbird, Courtyard, and many others.
They’re as excited as we are about what we can build together:
"Privy's technology helps us deliver a world class consumer product experience by unlocking crucial blockchain functionality for Blackbird. We're excited to partner with Privy and build the future state of web3 together." – Ben Leventhal, Blackbird CEO
And we’re just getting started. With this new funding, we will grow our team and continue to drive the development, security, and scalability of our onboarding toolkit and identity platform. We believe that mainstream experiences in crypto are primed for breakout growth and stand to unlock new ownership models online. We’re excited to play our part in powering that growth.
Looking ahead
This is a critical time for the crypto industry. What we build today will set the direction for decentralized systems tomorrow – and determine whether or not the Internet uses them. Experiences with self-custody and crypto are not one size fits all and good crypto products should just be good products.
We want to help developers make their systems more accessible, so anyone can engage with them. If you are building new experiences in crypto, we would love to work with you. And if you are interested in reshaping the crypto stack, we are hiring!
Onward!
Asta and Henri on behalf of Team Privy
P.S.: You can see Privy in action at onboard.paradigm.xyz ;)!
